Andrew Bailey (banker)


Andrew John Bailey is a British central banker who has been Governor of the Bank of England since 16 March 2020.
Previously he served as the Chief Cashier of the Bank of England from January 2004 until April 2011, Deputy Governor of the Bank of England from April 2013 to July 2016, and Chief Executive of the Financial Conduct Authority from 2016 to 2020.

Education

Bailey attended Wyggeston Boys' Grammar School, Leicester from where he went to Queens' College, Cambridge, where he gained a BA in History and a PhD from the Faculty of History, University of Cambridge in 1985 with a thesis on The impact of the Napoleonic Wars on the development of the cotton industry in Lancashire: a study of the structure and behaviour of firms during the Industrial Revolution.

Career

After university, Bailey became a research officer at the London School of Economics, before joining the Bank of England in 1985.
He has worked at the bank in a number of areas, most recently as executive director for banking services and as chief cashier, as well as head of the bank's Special Resolution Unit. Previous roles include Governor's private secretary, and head of the International Economic Analysis Division in Monetary Analysis.
Since the onset of the financial crisis in August 2007 and until April 2011, Bailey was responsible for the bank's special operations to resolve problems in the banking sector, and in 2009 was chairman and chief executive of Dunfermline Building Society Bridge Bank Ltd.
On 1 April 2013 Bailey became the chief executive of the new Prudential Regulation Authority and the first deputy governor of the Bank of England for Prudential Regulation.
On 26 January 2016, it was announced that Andrew Bailey would take over as CEO of the UK Financial Conduct Authority. He replaced Tracey McDermott, who became acting CEO after Martin Wheatley resigned following a vote of no confidence by George Osborne in July 2015.
In March 2020 the Treasury select committee criticised the performance of the Financial Conduct Authority. The committee said it would monitor closely the culture, operations and transparency of the FCA. This followed damning criticisms of the watchdog by consumer and industry groups during Bailey’s tenure as its chief executive.
On 3 June 2019, it was reported in The Times that Bailey was the favourite to replace Mark Carney as the new Governor of the Bank of England. Sajid Javid had also intervened in support of Bailey. According to The Economist, "He is widely seen within the bank as a safe pair of hands, an experienced technocrat who knows how to manage an organisation."
His term will expire on 15 March 2028.